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AMERICAS
TPG, an alternative asset management firm, agreed to acquire global governments and critical infrastructure business from Francisco Partners-backed Forcepoint, a security company, for $2.45bn.
“It’s our mission to support the national security and intelligence communities by providing trusted, data-driven security solutions that enable them to collaborate and conduct mission-critical work securely and effectively. TPG has a long history of carving-out, building, and scaling world-class cybersecurity companies. We’re confident that this partnership, along with continued support from Francisco Partners, will provide us the resources and expertise to strengthen our position as a partner of choice for government agencies," Sean Berg, Forcepoint President.
Francisco Partners is advised by Barclays, Citigroup and Sloane & Company. TPG is advised by Piper Sandler and Davis Polk & Wardwell (led by Oliver Smith and Darren M. Schweiger). Forcepoint is advised by Paul Hastings.
Cinven, an international private equity firm, completed the acquisition of Archer Technologies, an enterprise risk management solutions provider, from Clearlake Capital, an investment firm, and Symphony Technology Group, a private equity partner. Financial terms were not disclosed.
"It has been a pleasure partnering with Bill and the entire Archer management team in scaling the business. Since the Dell carveout in 2020, we established Archer as a standalone business and drove investments in both product and sales and marketing, which resulted in product innovation and capital efficient growth at the Company. Archer has evolved to become a leader in the SaaS-based integrated risk compliance and management market delivering significant value to its customers and partners," William Chisholm, STG Managing Partner.
KKR, a global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, and credit, agreed to acquire of a 54% stake in PangeaCo, a telecommunications company, for €297m ($326m).
KKR will acquire a controlling interest in PangeaCo, which will subsequently acquire the existing fiber optic networks of Telefónica del Perú and Entel Perú. Through the combination of these networks, KKR will establish ON*NET Fibra de Perú as the new name for the platform which will independently build and operate the nation’s largest fiber optic network with world-class quality standards.
KKR was advised by Azerta. Entel was advised by TOC Asociados.
WGNSTAR, a provider of managed service solutions, completed the acquisition of NSTAR Global Services, a facility and equipment services and workforce management provider. Financial terms were not disclosed.
“We are thrilled to announce the coming together of Westerwood Global and NSTAR under the singular WGNSTAR brand. This strategic move marks a significant milestone for our company, solidifying our commitment to our combined teams as well as to future growth, innovation, and delivering exceptional value to our customers. With our new brand identity and unified global infrastructure, we are poised to redefine our industry and strengthen our position as a leader in the semiconductor market," Nigel Wenden, WGNSTAR CEO.
WGNSTAR was advised by Kiterocket.
GridBeyond, a provider of wireless energy management and control systems for retail, commercial and industrial users, agreed to acquire energy business from Veritone, a future-proof AI platform that comprehends and transforms multiple forms of data to create actionable intelligence. Financial terms were not disclosed.
“The acquisition of Veritone Energy is another strategic step we are taking to expand our reach and capabilities in the management and optimisation of distributed energy assets, and we are delighted to welcome their team to GridBeyond. By combining the capabilities of both organizations, we offer customers a comprehensive suite of energy management and energy trading solutions that leverage the power of AI and machine learning. The acquisition will also enable GridBeyond to expand its reach in North America and strengthen its position as a global leader in optimisation and management of distributed energy assets,” Michael Phelan, GridBeyond CEO and Co-Founder.
US Foods, a foodservice distributor that provides its customers with innovative food offerings and a suite of business solutions, completed the acquisition of Renzi Foodservice, a food & beverages company specializing in fresh produces delivery services. Financial terms were not disclosed.
“We look forward to welcoming the Renzi team to US Foods as we continue to deliver on our long-range plan and enhance our position with new and existing customers throughout the region. As one of the most respected family-owned and operated broadline foodservice distributors in Northern and Central New York, Renzi has built a strong reputation for great customer service and high-quality food from their modern distribution facility in Watertown, New York,” Dave Flitman, US Foods CEO.
Houlihan Lokey, an investment bank that offers financial services, agreed to acquire 7 Mile Advisors, a provider of investment banking and advisory services. Financial terms were not discloesd.
“Houlihan Lokey’s entrepreneurial, team-oriented culture and global presence make it an excellent home for 7MA, and we’re excited to be joining the largest and most active business services investment banking team. Our clients will benefit tremendously from the firm’s industry focus, superior capital markets capabilities, and a depth of financial sponsor relationships that is second to none. We look forward to joining our new colleagues around the world to build on the firm’s successes to date in the IT services sector,” Leroy Davis, 7 Mile Advisors Founding Partner.
MSUFCU-backed Reseda Group, a credit union service organization, completed the acquisition of ChannelNet, a provider of digital customer acquisition, retention and conquest that specialize in marketing automation and sales solutions. Financial terms were not disclosed.
"ChannelNet is thrilled to join the Reseda Group family of brands and products to help credit unions accelerate their digital transformation and enhance their engagement with members. As the digital ecosystem continues to rapidly evolve, our OneClick Financial platform is the perfect tool for credit unions to stay competitive and prioritize engaging their members by providing a unique, data-driven experience for each individual member," Paula Tompkins, ChannelNet, CEO and Founder.
GQG Partners adds $8bn to funds under management. (FS)
GQG Partners, the Florida-based, ASX-listed investment manager, added more than $5.6bn to funds under management in the last month, pushing its assets to $104.1bn.
In an update to shareholders, GQG said funds under management in its international equities strategies had risen from $37.1bn to $39.3bn, while its separate global equities fund now managed $28.8bn, up from $27.6bn. GQG's emerging equities strategies grew from $25.9bn to $27.7bn, and US equities rose to $8.3bn from $7.9bn.
Global Atlantic raised over $2.4bn for reinsurance co-investment vehicle Ivy II. (FS)
Global Atlantic Financial Group announced the final close of Ivy Co-Invest Vehicle II LLC, a reinsurance co-investment vehicle. With the final close, Ivy II brings its total capital to more than $2.4bn.
"This is a great time to bring additional capital to the industry, and we are thrilled that our strategic partnership with KKR has allowed us to broaden the group of investors in Global Atlantic and Ivy II. With access to Ivy II's committed capital, we can do more to serve our reinsurance clients in a growing market," Phil Sherrill, Global Atlantic Chief Strategy Officer.
Endeavor closes a $610m equity fund. (FS)
Austin-based Endeavor Real Estate Group has closed on a $610m private equity fund dubbed Endeavor Opportunity Partners III. As the the company's third and largest investment vehicle since its founding more than two decades ago, the fund's total capitalization is anticipated to exceed $1.5bn.
The fund will serve for the development and acquisition of multifamily, industrial, retail and mixed-use properties. The assets are set to be located mainly across Austin, Texas and Dallas, but also in Nashville, Tenn., Charlotte, NC and Salt Lake City.
Next Capital announces Fund V, final close at $375m. (FS)
Mid-market private equity firm Next Capital has locked in $375m for its latest fund, which saw domestic investors account for more than half of commitments and a final close ruled off last week.
ASX-listed Alloggio Group, a short-term rental operator which Next is seeking to acquire via a scheme of arrangement and has just commenced the court process for, will be the new fund's second investment.
EMEA
Providence Equity, a private equity firm, agreed to acquire a majority stake in d&b Audiotechnik, a loudspeaker and amplifier manufacturer, from Ardian, a private equity firm. Financial terms were not disclosed.
"The needs of customers in live entertainment are becoming ever more complex, which has expanded d&b's addressable opportunities. We were impressed by d&b's passionate management team and, with Providence's resources and network, we are committed to supporting d&b's strategic plan," Andrew Tisdale, Providence Senior MD.
Providence is advised by Alantra (led by Wolfram Schmerl), UniCredit (led by Michal Lehocky), Allen & Overy (led by Vanessa Xu), White & Case (led by Stefan Koch), and Ernst & Young. Debt financing is provided by Intermediate Capital Group. Ardian is advised by McKinsey & Company (led by Isabel Huber), Indefi (led by Emmanuel Parmentier), Goldman Sachs (led by Tibor Kossa), Macquarie Group (led by Sung Duk Kim), PricewaterhouseCoopers (led by Peter Groninger), Milbank (led by Norbert Rieger), and Taxess (led by Richard Schafer).
Torqx, an investment firm, agreed to acquire Beter Bed, a sleep specialist in retail, wholesale and B2B, for $184m.
"We successfully transitioned from bedding retailer to sleep specialist. The development of our digital organization is bearing fruit and online sales have accelerated. We introduced innovative store formats and rolled out 'Beter Slapen ID' reflected in strong client appreciation growth and increasing market share. I am proud of the strong progress made in building our business in a time marked by many macroeconomic challenges. Against this background, we carefully examined the ownership structure that would best capture the sustainable long-term success of our business," John Kruijssen, Beter Bed CEO.
Francisco Partners, an investment firm that specializes in technology and technology-enabled services businesses, completed the acquisition of Macrobond, a provider of research systems and macroeconomic and financial data to customers, from Nordic Capital, a private equity fund that focuses on investments primarily in the Nordic region. Financial terms were not disclosed.
“When I founded Macrobond in 2008, our goal was to deliver the world’s most comprehensive source of economic and financial intelligence for financial professionals that helps them quickly comprehend relevant data. Now in 2023, we are focused on further expanding our presence and customer personas across the globe, as well as accelerating technological innovation and growth across new datasets. Partnering with Francisco Partners will help Macrobond increase our growth and innovation across our market-leading product suite,” Tomas Liljeborg, Macrobond Founder and CEO.
Macrobond was advised by Arma Partners, PricewaterhouseCoopers, and White & Case. Francisco Partners was advised by Moelis & Co, Paul Hastings, and Sloane & Company (led by Whit Clay).
Bio-Techne, a supplier of tools for life science research, therapeutic manufacturing, and clinical diagnostics, completed the acquisition of Lunaphore, a life sciences company. Financial terms were not disclosed.
“Lunaphore is very complementary to Bio-Techne’s leading spatial biology franchise, as COMET™ delivers an automation platform for our RNAscope assays, and we leverage our global commercial team to penetrate this rapidly growing market. We also see additional synergies with our leading portfolio of antibodies and other products. Lunaphore is seeing strong initial traction with its COMET™ instrument, as this fully integrated, fully automated spatial biology system delivers the end-to-end automation that is in high demand from translational researchers. We anticipate COMET™ to play an important role as spatial biology gains traction in clinical applications. We are excited to welcome Lunaphore’s talented team, instrument portfolio, and technology to Bio-Techne,” Chuck Kummeth, Bio-Techne President and CEO.
Bio-Techne was advised by Wenger Plattner. Lunaphore was advised by UBS and Bourgeois Avocats.
Gucci-owner Kering will pay €3.5bn ($3.83bn) for acquiring high-end French fragrance label Creed in June. Part of the reason the details of the transaction were not provided earlier was that the companies did not want to broadcast Creed's steep profit margins, FT reported.
The French luxury group made the acquisition since flagging intentions earlier in the year to create an in-house cosmetics business. The all-cash deal to acquire 100% of the fragrance house from funds controlled by BlackRock and by the company's current chairman Javier Ferran is expected to close in the second half this year.
Creed is advised by Centerview Partners. BlackRock is advised by JP Morgan.
JD Sports, a sportswear store, agreed to acquire an additional 50% stake in Iberian Sports, a branded sports and casual wear provider, from Sonae, a company with a diversified portfolio of businesses in retail, financial services, technology, for €500m ($543m).
“ISRG is a highly successful business and one of the leading players in sports retail in Iberia. By bringing the two businesses closer together, there is significant potential for accelerating growth," Régis Schultz, JD Sports CEO.
JD Sports is advised by Cuatrecasas Goncalves Pereira. Sonae is advised by King & Wood Mallesons (led by Pablo Diaz Gridilla).
GlobalLogic, a provider of outsourcing software research and development services, agreed to acquire Sidero, a software services company specializing in solving business problems through software innovation. Financial terms were not disclosed.
"GlobalLogic has long been recognized for its digital engineering prowess, unique and diverse employee culture, as well as a delighted community of clients. We are excited about the synergies that will be created by our combined organizations, and we look forward to providing differentiated capabilities and enhanced value to our customers in Ireland and across the globe,” Carmel Owens, Sidero CEO.
GlobalLogic is advised by Burson Cohn (led by Annie Fink).
Thames Water shareholders invested £750m ($963m) in Thames Water, a private utility company responsible for the water supply.
“This announcement is a major milestone for Thames and all our stakeholders. Since June 2022, we have engaged constructively with shareholders, working towards a common goal of developing a long term, comprehensive, financeable and enduring business plan for the Company to improve operational performance and financial resilience for the benefit of our customers and the environment. The substantial equity support package announced today will underpin the delivery of a more focused turnaround plan that builds on the foundations that have been put in place over the last two years and focuses expenditure on a smaller number of initiatives, which will deliver material and sustainable improvements in key performance metrics over the next three years," Cathryn Ross and Alastair Cochran, Thames Water Interim Co-CEOs.
PAI Partners, a private equity firm, agreed to acquire a majority stake in Infra Group, an infrastructure services provider. Financial terms were not disclosed.
“With PAI, our new major investor, joining current investors ICG and Andera, we have the ideal partners to support the group in our next steps. Their professional experience, combined with Infra Group’s strong business approach, will help drive further growth and success," Tom Vendelmans, Infra Group CEO.
Saudi National Bank was denied taking 40% Credit Suisse stake.
Saudi National Bank wanted to increase its stake in Credit Suisse to around 40% from 9.88%, but was prevented from doing so by Swiss regulator FINMA, Blick reported.
FINMA must give its approval for a foreign investor to take a stake of more than 10% in a major Swiss bank. It was not clear why FINMA opposed the move that would have involved Saudi National Bank, which was already the biggest shareholder in Credit Suisse, pumping $5bn into the bank.
Inflexion in talks to buy UK law firm DWF Group. (FS)
British law firm DWF Group is in talks to be acquired by PE firm Inflexion in a buyout valued at about $438m, amid a tentative return of take-private deals, Bloomberg reported.
The private equity firm is discussing a cash offer of $1.29 a share for London-listed DWF, including a special dividend. The potential total consideration represents a 53% premium to July 7’s closing price.
Nestlé weighs sale of peanut allergy pill to Stallergenes.
Nestlé is discussing a potential sale of its peanut allergy medicine to Swiss health-care group Stallergenes Greer, Bloomberg reported.
Stallergenes has been holding talks with Nestlé about a possible deal for the Palforzia treatment.
Kuwait's $700bn wealth fund is being eclipsed by ambitious neighbors. (FS)
As Middle Eastern sovereign wealth funds emerge as the go-to investors for some of the biggest deals, the world's oldest and one of its largest is being eclipsed by its more ambitious, flashier neighbors, Bloomberg reported.
The Kuwait Investment Authority, which manages the Gulf country's $700bn sovereign wealth fund, has lost several senior managers, including heads of key divisions over the past year. It's still to appoint successors for some of those positions.
Morgan Stanley's secker says UK assets are world's cheapest.
Sentiment around the UK economy has been so poor that the nation's stocks and credit are now the cheapest globally, which could create investment opportunities if inflation begins to slow down, Bloomberg reported.
"Investor pessimism towards the UK is currently high; however, sentiment could shift if inflation starts to subside," Graham Secker, Morgan Stanley Strategist.
Kretinsky to install former Metro and Lactalis exec at Casino if offer succeeds. (People)
Czech billionaire Daniel Kretinsky and his partners are prepared to hire former Metro and Lactalis executive Philippe Palazzi as the new boss of French supermarket chain Casino, should their refinancing offer for the debt-laden company succeed, Reuters reported.
Kretinsky's offer is valid until 17th of July. It faces a rivaling offer led by telecoms maverick Xavier Niel, investment banker Matthieu Pigasse and businessman Moez-Alexandre Zouari, which Casino said had also been extended to the same day.
BT Group chief executive Jansen to step down next year. (People)
BT Group has kicked off a formal search for a successor to Philip Jansen, its chief executive, as he weighs a number of job opportunities in the US, SkyNews reported.
BT is working with the search firm Spencer Stuart. Jansen had signalled to BT's board that he was likely to step down at some point in 2024. Jansen is understood to be undecided about whether to continue his executive career or pursue chairmanship roles.
APAC
Infratil, an infrastructure investment company, agreed to acquire a 80% stake in Console Connect, a software-defined interconnection platform, from HKT, a telecommunications company, for $160m.
“Console Connect is a leading global software-defined interconnection platform, and this acquisition is a continuation of our conviction in the tailwinds of the digital infrastructure sector. It enables us to invest in building a next generation platform to support underlying growth in the demand for digital infrastructure and global connectivity solutions by enterprise and wholesale users," Jason Boyes, Infratil CEO.
Infratil is advised by Bank Street Group and Herbert Smith Freehills. HKT is advised by Moelis & Co and Gibson Dunn & Crutcher.
ATFX, an online trading CFDs broker, completed the acquisition of Rakuten Securities Australia, a financial firm offering various brokerage and securities services. Financial terms were not disclosed.
"We are thrilled to welcome RSA into the ATFX family. This acquisition presents a significant opportunity for us to expand our presence in the Australian market and provide clients in the region with enhanced trading solutions. We are committed to investing in technology, talent, and resources to ensure that our clients receive the highest level of service," Joe Li, ATFX Chairman.
DL, a financial firm that offers wealth management, capital marketing, real estate investment, and banking services, agreed to acquire the remaining 55% stake in DL Family Office, a one-stop financial services group headquartered in Hong Kong with offices in Shanghai, San Francisco and Singapore for $64m.
Since the commencement of the acquisition in 2021, DL has acquired 45% of DL Family Office in a year and a half, then announced the complete acquisition half a year later. The swift acquisition progress demonstrates the rapid development and significant profits of family office business, which contribute to increased income and profits of the listed Company, the scale of asset under management, the number of customers and the extended service scope.
Alibaba mulls selling shares to Ant for buyback as probe ends.
Alibaba Group is considering selling shares to Ant Group as part of the fintech company's planned buyback after financial regulators wrapped a nearly three-year probe into the financial technology company, Bloomberg reported.
Alibaba, which owns about a third of Ant, said it received notice of the Ant share buyback program at a valuation of $78.5bn.
Bain, Carlyle and Cerberus set to make bids for Adani Capital. (FS)
Three private equity groups Bain Capital, Carlyle Group and Cerberus Capital Management are set to make their binding bids for Gautam Adani's six-year-old shadow bank, Adani Capital. This development comes as Gautam Adani is said to be looking to exit non-core businesses to conserve capital for the core operations.
The new investor will also infuse $10bn – 15bn into the company as growth capital. While most of the bidders are keen on full ownership of the business, the promoters are expected to decide whether a small stake would be retained for the future.
Bain Capital in talks to buy Indian ice cream maker Vadilal. (FS)
US private investment firm Bain Capital is in talks to buy Indian ice cream maker Vadilal and also considering taking control of Vadilal Industries and Vadilal Enterprises, which make and market the ice cream, Reuters reported.
Bain Capital is also interested in merging the two Vadilal entities and is valuing Vadilal's ice cream business at over $363m.
Axiata eyes unit stake sales.
Axiata Group, Malaysia's biggest wireless carrier by revenue, plans to sell stakes in some of its businesses and list its technology units to reduce debt taken to fund the acquisition of telecom assets overseas, Bloomberg reported
"We will start with monetization," Vivek Sood, Axiata CEO.
Ocado launches first robotic warehouse in Asia with Aeon.
British online supermarket and technology group Ocado said its first robotic warehouse in Asia, built for Japanese partner Aeon, has gone live, Reuters reported.
The warehouse, or customer fulfilment centre as Ocado calls them, has begun taking orders from customers across the Kanto region for Aeon's "Green Beans" brand.
China set rules for the private investment fund sector.
China published regulations for the country's $2.9tn private investment fund sector, seeking to better protect investors and promote innovation, DealStreetAsia reported.
The new rules, signed by Premier Li Qiang and effective on September 1, create a chapter specifically for venture capital funds, as policymakers encourage investment into innovative technology startups.
Taiwan bourse expects IPO applications to reach most in decade.
Taiwan's stock exchange is expecting applications for new share listing to increase by more than 50% this year as it seeks to diversify its reliance from the technology sector, Bloomberg reported.
Sherman Lin, chairman and chief executive officer of the Taiwan Stock Exchange, estimates that initial public offering applications will reach 40 this year — the most since 2013 — with firms from the electric vehicle, cloud computing and biotech sectors leading the rise. Requests for new share sales on its innovation board will likely double after only eight companies applied in 2022.
CBC appoints ex-Citi banker Billy Cho as senior MD of PE. (FS, People)
Asia's largest healthcare investment firm, CBC Group, has appointed ex-investment banker Billy Cho as its new senior managing director of private equity and co-head of joint value creation. Cho, who has over two decades of industry experience, will be based in Hong Kong for the role.
Cho will provide guidance on the firm's private equity investments and its portfolio management activities as part of the joint value creation team, DealStreetAsia reported.
Nomura's India Executive Chairman Vikas Sharma to retire. (People)
Nomura's executive chairman for India, Vikas Sharma, is retiring from the firm after more than two decades, Bloomberg reported.
Sharma, a senior managing director, joined the Japanese lender in Hong Kong in 1999. He served as country head in Mumbai in 2007, and a decade later became the bank's head of Asia ex-Japan. In 2021 he returned to India's financial hub to take up the executive chairman role.
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